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Prepare an income statement for Smith Company. Cr Smith Company Adjusted Trial Balance For Year Ended December 31, 2021 Dr Cash $ 33,000 Accounts Receivable
Prepare an income statement for Smith Company.
Cr Smith Company Adjusted Trial Balance For Year Ended December 31, 2021 Dr Cash $ 33,000 Accounts Receivable 48,000 Interest Receivable 3,000 Merchandise Inventory 55,000 Long-Term Investments 15,000 Land 70,000 Buildings and Equipment 225,000 Allowance for Doubtful Accounts 4,000 Accumulated Depreciation 25,000 Accounts Payable 13,000 Salaries Payable 2,000 Interest Payable 4,000 Income Tax Payable 7,000 Notes Payable 30,000 Bonds Payable 95,000 Discount on Bonds Payable 2,000 Common Stock--$1.00 par value 200,000 Paid in Capital In Excess of Par 20,000 Retained Earnings 47,000 Treasury Stock 8,000 Sales Revenue 200,000 Interest Revenue 3,000 Cost of Goods Sold 120,000 Salaries Expense 25,000 Depreciation Expense 5,000 Bad Debt Expense 1,000 Interest Expense 8,000 Loss on Sale of Building 3,000 Income Tax Expense 16,000 Dividends 13,000 $ 650,000 $ 650,000 Additional Information Prior Year Balances Accounts Receivable Inventories Total Assets Shareholder Equity 50,000 50,000 369,000 267 nnnStep by Step Solution
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